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Northeast Pipeline Expansion Pre-Filing Application Withdrawn
07/19/2017
With Access Northeast Suspension, No Relief In Sight For Gas-Starved Region. Over 800 power plants still need fuel.
Algonquin Gas Transmission, a unit of Enbridge Inc. (NYSE: ENB) withdrew its application with the Federal Energy Regulatory Commission (FERC) on June 29.
The $3.2 billion project would have expanded or upgraded about 125 miles of the Algonquin Pipeline system, which moves natural gas to the Boston area from an interconnect with the Texas Eastern Pipeline in New Jersey. The expansion would have added about 1 billion cubic feet per day (Bcf/d) of capacity to the pipeline, which has capacity of about 3.1 Bcf/d.
However, the project, originally proposed by Spectra Energy Partners LP in 2015 before its acquisition by Enbridge, developing financing issues. The Massachusetts Department of Public Utilities (DPU) approved a surcharge on customers to recoup associated costs of construction, but that decision was overruled by the Massachusetts Supreme Judicial Court. That has made it difficult for the project to secure customers.
According to Rextag Energy Data, only in the 50-mile area around New York City, there are 100 operational power plants with a total capacity of 23,3 GW (Gigawatts) (or 23,300 MW (Megawatts)).
Many of these power plants along with information on transmission lines and substations can be found on the Rextag complete and up-to-date U.S. Power Grid Map.
Sources: www.midstreambusiness.com, Rextag Energy DataLink
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Northeast in Need For Gas. Lacking Pipeline Investment
The Northeast has a got a severe fuel infrastructure constraint.
Canadian Assets on Sale: Energy Transfer Sells Gas Processing Bussines to Pembina-KKR for $1.3 Billion
Under the agreement, Energy Transfer will sell its 51% interest in Energy Transfer Canada to the Pembina-KKR joint venture, for more than CA$1.6 billion (US$1.3 billion) including debt and preferred equity. KKR's funds already own the remaining stake. TC’s assets include 6 natural gas processing plants with a combined operating capacity of 1.29 Bcf/d and an 848-mile naturalgas gathering and transportation network in the Western Canadian Sedimentary (WCS) basin. While this process is underway, Pembina and KKR will combine their Western Canadian natural gas processing assets into a single, new joint venture entity — Newco, owned 60% by Pembina and 40% by KKR. This new entity is expected to have a natural gas processing capacity of about 5 Bcf/d or about 16% of Western Canada’s total processing capacity.
Kinetik Holdings recently announced a series of transactions in the energy sector. They struck a deal to buy Durango Permian infrastructure for $765 million. At the same time, they're selling their 16% share in the Gulf Coast Express Pipeline to ArcLight Capital Partners for $540 million. The total purchase cost includes $510 million in cash paid immediately and an additional $30 million that will be paid later, depending on whether they decide to expand further.
Recently, the Permian has seen significant acquisitions: Exxon Mobil purchased Pioneer Natural Resources for about $60 billion. Diamondback Energy's $26 billion deal to acquire Endeavor Energy Resources is currently on hold due to requests from the U.S. Federal Trade Commission. Occidental’s acquisition of CrownRock for $12 billion in the Midland.
EOG Resources is pushing boundaries in Ohio's Utica oil play and now drilling on the Sable pad, also located in Noble County. This site features the 3.7-mile lateral currently under construction. The company's first multi-well pads in the area Timberwolf and Xavier have each produced over 200,000 barrels of oil since their inception—Timberwolf in August and Xavier in October. A third site, the four-well White Rhino pad in Noble County, is also showing promising early results, according to Keith Trasko, EOG’s Senior Vice President of Exploration and Production, who noted the wells are performing as expected in their initial weeks.